Wind turbine manufacturers - ranked by revenue 2017

In 2017, the China Shenhua Energy Company generated one of the highest revenues of any wind turbine manufacturer in the world at approximately 38.21 billion U.S. dollars. Vestas, headquartered in Denmark, had a lower revenue in the same year but held the largest global market share among the world’s leading wind turbine manufacturers in 2018 at roughly 20 percent.

Wind turbine power in China

In 2018, China led the way with a remarkable number of new installations increasing the country’s wind power capacity, and by far exceeding other frontrunners like the United States and Germany. The rapid growth of the Chinese market for wind energy is indicated by the high revenues, although many Chinese companies still hold a negligible market share, focusing mostly only on the domestic market. In contrast, the Chinese company, Goldwind, generated only a fraction of the revenue of Shenua, but holds one of the largest global market shares at over 10 percent.

International versus domestic markets

While even the largest Chinese wind turbine companies mostly operate on a national level, the Danish company, Vestas, maintains its large percentage of global market share due to its international profile. Vestas delivers large quantities of electricity to neighboring countries as well as overseas, with the United States receiving the highest amount of deliveries by far in 2018.

Revenue of selected wind turbine manufacturers worldwide in 2017 (in billion U.S. dollars)*

Revenue in billion U.S. dollars
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Sources

Release date

February 2019

Region

Worldwide

Survey time period

2017

Supplementary notes

* Vestas, Nordex, Siemens Gamesa, Senvion : Euros have been converted to U.S. dollars based on the December 31, 2017 rate where 1 EUR = 1.19804 USD.
GE Renewable Energy: The figure is taken from the company’s annual report (page 6).
United Power: The figure is taken from the company’s annual report (page 15).
Vestas: This figure is taken from the company’s annual report (page 8).
Siemens Gamesa: Figures are for January to September 2017. This figure is taken from the company’s report (page 22).
Senvion: This figure is taken from the company’s annual report (page 49). The company is primarily a manufacturer of wind turbines and wind farms but the value includes revenue streams from the entire renewable energy segment (which includes i.e. solar and PV).
Nordex: This figure is taken from the company’s annual report (pdf page U2).

Suzlon Energy: This figure is taken from the company’s annual results (page 12). The Indian Rupie has been converted to U.S. dollars where 1 INR = 0.01570 USD(as of December 31, 2016). Figure is based on the company's fiscal year 2016/2017 (for the year ended March 31, 2017).

** Goldwind, China Shenhua Energy Company, Sinovel : Chinese yuan have been converted to U.S. dollars where 1 CNY=0.15362 USD (as of December 31, 2017).
Goldwind: This figure is taken from the company’s annual press release.
China Shenhua Energy Company: This figure is taken from the company’s annual report (page 10). The merger of Guodian and Shenhua was approved in August 2017.
Sinovel: This figure is taken from the company’s annual report (page 5). The values have been rounded.
The list may not be complete.

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